Bankruptcy Law

If the company's cessation of business is likely to cause serious harm to the national or regional economy and to the employment area, under the conditions set out in Article L. 631-19-2 of the Commercial Code, the court may, at the request of the receiver or the public prosecutor, order, for the benefit of the persons who have undertaken to implement the draft plan, the sale of all or part of the …

Forced disposal of shareholdings

If the company's cessation of business is likely to cause serious harm to the national or regional economy and to the employment area, under the conditions set out in Article L. 631-19-2 of the Commercial Code, the court may, at the request of the receiver or the public prosecutor, order, for the benefit of the persons who have undertaken to implement the draft plan, the sale of all or part of the shareholding held in the capital by those who have refused the change in capital and who hold, directly or indirectly, a majority of the voting rights or a blocking minority, or who alone hold a majority of the voting rights pursuant to an agreement entered into with other partners or shareholders. Partners or shareholders other than those who refused the change in capital may also withdraw from the company and simultaneously request that their rights be bought back by the transferees.

In the absence of an agreement between the interested parties on the value of the rights of the transferring members or shareholders and those who have indicated their intention to withdraw from the company, this value is determined on the date closest to the date of the sale by an expert appointed, at the request of the most diligent party, the receiver or the public prosecutor, by the president of the court ruling under the accelerated procedure on the merits. The court may only rule on the sale request after consulting the Financial Markets Authority (Autorité des marchés financiers) if the securities concerned are listed on a regulated market or a multilateral trading facility. In a single judgment, the court will rule on the transfer and on the value of the company rights transferred. Adoption of the plan must be subject to an undertaking by the subscriber or transferee of the shares, equity securities or securities giving access to the capital, to retain his rights for a period which may not exceed the duration of the plan.

Article L. 631-19-2 is not applicable where the debtor carries on a liberal professional activity subject to a legislative or regulatory statute. Similarly, the compulsory sale of shareholdings is unthinkable in the context of a plan adopted without the agreement of the classes of parties affected .

Bankruptcy Law

553. Forced disposal of shareholdings

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Les notions juridiques connexes

553. Forced disposal of shareholdings

Demandez un accès gratuit au contenu exclusif Livv – juristes d’entreprise

Les notions juridiques connexes

Demandez un accès gratuit
au contenu exclusif Livv – juristes d’entreprise